Good economic institutions are those that incentivize people to work hard, engage in productive economic activity, and make themselves and their nations richer. They include protections for private property rights, allowing individuals and firms to develop businesses, properties, and products without fear that their assets will be seized by other individuals or the state itself. They contain courts that reliably enforce contracts, so economic actors can transact with confidence that business agreements will be upheld. The rules need to be nondiscriminatory so as to encourage wide swathes of
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